The European Union's Markets in Crypto-Assets Regulation (MiCA) came into full force on July 1, mandating that all crypto asset service providers serving EU clients must obtain a CASP (Crypto-Asset Service Provider) license to operate legally in the bloc. Data shows the license approval rate stands at roughly 17%, making it a stringent process.
Binance suffered a major setback: its Greek license application was rejected, forcing the exchange to suspend most of its EU services and pivot to applying for a French license. In contrast, Bybit successfully navigated compliance by securing an Austrian license, allowing it to enter the EU market. Established players like Coinbase, Kraken and OKX, which already held CASP licenses, now enjoy a pan-European passport without further adjustments.
These shifts signal an accelerated restructuring of Europe's crypto landscape: platforms without licenses may be forced to exit, while licensed firms will solidify their market positions. Going forward, compliance capability will become the defining competitive advantage in European crypto markets.